Joe Biden’s net worth and how he went from ‘poorest in Congress’ to millionaire
The US presidential race is heating up, with Democrat Joe Biden and Republican Donald Trump neck and neck as the votes in several key states are still being counted.
Previously we revealed how Trump’s net worth has been rapidly declining over the last year, due to the coronavirus pandemic.
Even so, he is the first billionaire president of the US.
Meanwhile, Biden once called himself the “poorest man in Congress”, but is now a millionaire.
Despite his father coming from wealth, Biden didn't grow up with a lot of money because of the failed businesses of Joe Sr.
So how much is he worth, and how did he earn his fortune? Here we take a closer look.
How much is Joe Biden’s net worth?
Joe Biden’s net worth is an estimated $9million, according to Forbes.
The magazine made the calculation in 2019, based on his property portfolio ($4million), as well as cash/investments ($4million) and his federal pension ($1million).
Biden is a lawyer, professor, former US Senator, Vice-President and now presidential candidate at the 2020 election.
Biden didn’t grow up wealthy, because his father had several business failures, according to his memoir.
The family eventually settled in Delaware, and Joe completed a work-study program to attend the prestigious Archer Academy in Claymont.
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He then started working at a law firm, going on to become one of the youngest senators ever elected.
At that time he referred to himself as being “the poorest man in Congress”, and had a starting salary of about $42,500 a year.
In 2009, his senator salary was $169,300, with his salary as President Obama’s vice president averaging $225,000 per year.
His net worth increased significantly after his vice presidency, reportedly earning millions in speaking fees and book tours.
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Biden has been releasing his tax forms in 1998, which is why his salary is known.
He recently released his tax returns for 2016 to 2018, showing the Bidens paid about a third of their income in taxes.
It also showed that he and his wife Jill had received $985,233 in adjusted gross income.
The family also donated more than $1million to charity between 2017 and 2018.
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